Novocure adds 19,000 square feet in Portsmouth
Cancer treatment developer expands into a second building at office park
Biomed company Novocure Inc. is expanding at its U.S. headquarters in Portsmouth.
The company, which is based on the island of Jersey, has signed a sublease for another 19,000 square feet at Portsmouth Office Park, bringing its total space to 54,000 square feet in two buildings at the office park, according to David Choate of Colliers International, who handled the transaction.
Novocure is developing cancer treatments using a therapy called Tumor Treating Fields, which employs electric fields to treat solid tumors. The company employs over 150 employees in Portsmouth, where it has had offices since December 2011.
The publicly traded company reported 2018 preliminary net revenues of $248 million, up 40 percent from 2017.
Mike Ambrogi, Novocure’s chief operating officer, said the company chose to expand in Portsmouth because it offers a great quality of life while providing access to the greater Boston life sciences community. He added that the need for additional space reflects Novocure’s increasing commercial and clinical activities in the U.S.
David Choate of Colliers’ Portsmouth office represented Novocure in the transaction, and Joe Doyle of CRESA Partners of Boston represented the sublessor, Liberty Mutual.